Stocks are lower

mud falling

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Stocks are lower after a second estimate showed that the US economy shrank by 0.7% in the first quarter.

Near 10:52 a.m. ET, the Dow was down 148 points, the S&P 500 was down 15 points, and the Nasdaq was down 39 points.

The yield on the benchmark 10-year note fell to around 2.120% after the GDP print.

Gold gained as much as $3 an ounce to around $1,191.70.

Economists had forecast that revised Gross Domestic Product for Q1 would come in at 0.9%, after the initial reading of 0.2%

Stocks closed lower on Thursday. The Nasdaq climbed to a closing high in the previous trading session.

In other economic data, the latest Chicago Purchasing Manager's Index from the Institute of Supply Management plunged to 46.2 in May. Economists had forecast a rise to 53 from 52.3 in April.

Driller Baker Hughes will release the latest count of oil and gas rigs at 1:00 p.m.

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